Perhaps one of the most difficult questions to answer is this: What are the best software, hardware, tool, and equipment companies that serve the construction industry? Constructech has been answering this question since 2009 with its annual Constructech 50—and since that time only six stalwarts have remained on the list. Why? Construction technology is very different today than it was 10 years ago—and there are three big reasons.
First, the amount of M&A (merger and acquisition) activity has skyrocketed. Often, following an acquisition, the acquired company no longer operates independently, and thus the market contracts. We have seen this with the case of Trimble, for example, where many of the acquisitions now fall within the Trimble umbrella.
Secondly, the good news is innovation continues to surge and new tech startups emerge every day aimed at creating the best new solution for construction. But a new solution itself isn’t enough to make the Constructech 50. The collection of companies on this list are the best companies to do business with. Thus, the company must have solid revenue, a good base of customers who report that they like to do business with the company, and other intangibles like good customer support and innovative ideas.
The final reason is that the market has changed—and we have written about this often in the past several months. Gone are the days where software companies are the leading tech companies in the market. Today, every single company is in the business of technology. This includes hardware, tool, and equipment companies. The list has changed, as a result of the market having changed.
What are your thoughts? How do you identify the best technology companies serving the construction market? What do we need to take into consideration, as we are researching and evaluating this year’s list? In what ways have you seen the market evolve?
For technology companies, now is your chance to tell us all about your company to be considered this year. The market is changing—and so too must the list.
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